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Cardano [ADA/USD] Technical Analysis: Cryptocurrency price falls to yearly low as bear continues to enjoy its spoils

Akash Anand

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Cardano [ADA/USD] Technical Analysis: Cryptocurrency price falls to yearly low as bear continues to enjoy its spoils
Source: Unsplash


The bear attack has not been pretty to watch with several cryptocurrencies crumbling under the pressure. Even popular cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH] and Cardano [ADA] were not spared from the ruthless attack, with some coins even breaking their price supports.

1-hour

The one-hour chart shows Cardano’s [ADA] price moving sideways after a freefall from the top. The downtrend saw the price drop from $0.0743 to $0.061. The support was broken recently, with the price falling to its yearly low of $0.0581. The resistance has been holding at $0.0824.

The Bollinger band has undergone a slight divergence, with the size of the Bollinger cloud increasing, indicating multiple trend changes.

The Chaikin Money Flow has taken a hairpin turn towards the zone of the graph, which is a sign of the money outflow increasing. The indicator staying above the axis shows that ADA is reaching out to the bull’s realm.

1-day

The Cardano one-day chart shows the grave situation of the cryptocurrency falling to its lowest value in over a year. The new support right now is at $0.061, with the downtrend taking the coin falling from $0.174 to $0.061.

The MACD indicator points to the signal line moving downwards while the MACD line has become one with the axis. The bear maul has also affected the MACD histogram, almost making it tend to zero.

The Awesome Oscillator has reflected the bear attack, with the market momentum almost negligible now.

Conclusion

The support break has done Cardano no favors with the AO, CMF and the MACD all pointing to a continued bear run.





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